Americold Realty Trust announced that it has completed its initial investment in SuperFrio Armazéns Gerais SA , a leading temperature-controlled storage operator in Brazil, to form a strategic joint venture. Americold acquired approximately 15% of SuperFrio for BRL $118 million (equivalent to approximately USD $26 million based on current exchange rates) in cash consideration. Under the terms of the agreement, Americold has committed to fund up to an additional BRL $127 million (equivalent to approximately USD $28 million based on current exchange rates), at its pro-rata share for the joint venture’s acquisition and development activity over the next two years.
SuperFrio currently operates 16 facilities, totaling 35.1 million cubic refrigerated feet.
